The last few years have seen some major changes happen across a variety of industries when it comes to the costs associated with operating a business. For any organization that relies on crude oil, for example, there has come a huge price increase. In fact, oil and gas prices all over the world have gone up due to the stranglehold that specific groups have on this industry. Couple this with the fact that oil is a finite resource and it spells out trouble for all who operate organizations in industries reliant on oil.
A Mounting Problem
Experts in financial circles have pointed out for years that crude oil prices are going to continue to rise as the years continue. This means that other forms of powering vessels and other craft might be necessary in order to survive the coming changes. Not only is the price of oil set to rise continuously, the price tags on countless other items and essentials have been skyrocketing due to a mixture of greed and shortsightedness. To survive the future, be sure to take out adequate insurance. Policy areas to focus on include:
- E&O liability
- D&O coverage
- Environmental liability
A Viable Solution
The more you know about what the future has in store for your business, the easier it will be to survive what is on the horizon. Take time to learn more about your options and find the perfect way to stay secure.
Dogs may be man’s best friend, but they are not all friendly with everyone they meet. Additionally, even a well-behaved and properly trained dog can bite if provoked. Here’s what to do if you find yourself in the unenviable position of having your dog bite someone.
Assess the Injury
Taking care of the person who has been bitten should be your first priority. This can include removing the dog from the area, determining the extent of the damage, cleaning any small wounds and requesting medical assistance as needed. If any injuries appear potentially life-threatening or there is excessive bleeding, call your local emergency number immediately.
Document the Accident
You want to take an accurate account of what happened, including what let up to the bite. Circumstances can shift blame toward or away from the dog depending on what took place. Also not the type and severity of the injury. Use a cell phone to take pictures or videos if at all possible.
You may also be asked to provide medical records for your dog. Have copies of rabies and other vaccination ready if the bite has broken the skin.
Contact Your Insurance Provider
There can be serious repercussions from a dog bite, so you’ll want to take immediate steps to manage liability. It is usually a good idea to contact your insurance carrier to verify coverage and alert them to the incident.
Learning what to do if your dog bites someone is an important part of pet ownership. In general, you should document the incident, care for any injuries and notify your insurance provider.
Your truck is likely one of your greatest assets. Having the best truck insurance policy for your specific needs will help you to get back on the road faster in the event that something bad happens.
Types of Coverage
Commercial truck insurance policies may look familiar, as they resemble what you likely have for your personal vehicle. In general, the truck insurance policy will offer some blend of collision, comprehensive and liability coverage.
However, expect to find higher limits when it comes to coverage because of things like the overall cost of the vehicle, along with its larger size and heavier weight. If your cargo is hazardous, coverage limits are even higher.
Types of Covered Trucks
Insurance policies cover a wide range of commercial vehicle types, including:
- Food trucks
- Ice cream trucks
- Delivery vans
- Construction trucks like cement mixers and front loaders
- Cargo vans
- Tow trucks
No matter the type of commercial truck you have, there is a policy out there to cover you.
The insurance policy needs for a commercial truck will vary greatly depending on the type of truck and what it is being used for. Finding the best truck insurance policy for your vehicle ensures you’ll be protected no matter what unexpected situation may come your way.
In terms of insurance policies for the average person who doesn’t own a business, most people have auto insurance, home insurance, and maybe a life insurance policy. However, a type of insurance most people don’t really consider purchasing is personal umbrella coverage. However, it can be very useful.
What Is Personal Umbrella Coverage?
Personal umbrella coverage is a type of insurance coverage that is designed to act as an overarching coverage that can kick in when your other insurance policies’ limits aren’t high enough to cover all the costs associated with a particular incident. It can also help if you run into issues that don’t fall under the coverage of your other insurance policies.
What Is a Situation Where Umbrella Coverage Could Help?
Personal umbrella coverage can help you in many situations where your other insurance policies fail to provide you with the coverage you need. For example, imagine a scenario where you get into a particularly catastrophic car accident that results in extremely high legal costs, and repair costs; all of which you end up being liable for. With just your typical auto insurance, you’d be on the hook for any of the expenses that fall outside of your limits. However, with umbrella coverage, you’d be taken care of and able to avoid having to pay these expenses out of pocket.
Sometimes, your insurance limits aren’t high enough to cover all the costs associated with an incident. Umbrella coverage can help.
Labor unions in the United States are nonprofit entities, but they are not like other nonprofits. Unions have their own designation under the law, and as 501(c)5 organizations, their rights, obligations, and fiduciary responsibilities to members are very different from the activities of groups that are formed for philanthropy, charity, or political organizing. That means labor union insurance needs to be very different from other nonprofit insurance coverage as well.
Professional vs. General Liability Coverage
For the most part, your general liability policy can be a standard issue device that covers the basics of liability coverage for your membership hall or office facilities, some professional liability, and any third party or public liability coverage you need. Union-focused professional liability coverage, including D&O insurance, is a necessary add-on because the professional liability portion of a general policy is less coverage than a labor union typically needs. This is because general policies limit each coverage area to ensure none of them can individually max out the policy coverage. So, what is covered by labor union professional liability policies?
- Union-related liability exposures relating to duties to the membership, including collective bargaining and fair representation of all members
- Financial management exposures related to running a union to protect your directors, officers, and trusted staff members as needed
- Personal injury protection that includes libel and slander
- Possible individual labor leader coverage as needed
To learn more about limitations, policy maximums, and other details, you need to get a quote from a company that specializes in providing labor union insurance. The sooner you get a quote, the sooner you can start comparing it to your current policy.
Insurance needs tend to vary from one company to the next. Though it is true that there are a few foundational staples of appropriate coverage, you typically want to cater your policy to the specifics of your business. The demands placed on a startup are going to be very different than those experienced by an international corporation. The best way to find correct coverage is by looking at what is available to you. For some, the option of self-insurance coverage can be the perfect fit.
What Is the Self-Insurance Option?
As the name suggests, self insurance is an option that allows a business owner a bit of flexibility in terms of coverage. Instead of using a third-party provider to cover costs of policy options like workers’ compensation, you are given the option of assuming the costs and responsibilities yourself. Many business owners opt for this policy structure because it allows them a bit more control when it comes to the way the coverage works. Advantages of this option can include:
- Flexibility with rates and premiums
- Policies customized for your industry
- Enhanced control over claims
Find Appropriate Coverage
The first step toward successfully insuring your business is learning about all of the policy options available to you. Consider insuring yourself and see what you stand to gain by pursuing this alternative route.
Has your lender recently informed you that they’re planning on imposing force placed insurance on one or more of your insurance plans? If so, you may be interested to learn what the purpose of this insurance might be. Take a look at some of the most common reasons lenders may choose to place this specific coverage type.
The Force-Placed Insurance May Be Necessary To Mitigate Common Lending Risks
In situations of high risk to the lender, some lenders may decide to force-place insurance to help guarantee that a minimum amount of coverage is in place. A few of the top reasons lenders have to force-place insurance include mitigating the risks of, or compensating for:
- Policy cancellation or expiration
- Policy lapses and gaps
- Coverage withdrawal by the insurer
- Natural or structural risks to the insured property
- Missed homeowner payments
Your Lender May Choose To Offer Replacement Coverage
If you’ve had insurance force-placed, ask your lender whether the policy includes replacement coverage. Depending on the specific policy, the lender may receive:
- Coverage in the event of property destruction
- Insurance for whatever amount is owed to the lender
- Protections for losses due to natural disasters
When it comes to force-placed insurance, understanding your lender’s motivation may help you determine what you need to do to maintain the appropriate insurance coverage. You can review these quick facts to gain some insight.
Have you ever wondered what your brewery liabilities are regarding the sale, consumption and aftereffects of liquor? If you run a brewery, having liquor liability coverage may prove essential in the event of an accident or a lawsuit. Take a look at some of the benefits this coverage could provide your business.
Your Brewery Could Enjoy Additional Coverage Beyond General Liability Policy Standards
Although your brewery might already have a general liability insurance policy in place, liquor liability provides additional coverage that could prove immensely useful. For instance, a liquor-specific policy could protect your business from:
- Damage resulting from intoxicated individuals in your establishment
- Alcohol mistakenly given to underage patrons
- Violations of local laws and regulations regarding liquor sales
- Legal issues involving liquor licenses
Numerous Types of Liquor-Related Claims May Be Included in Your Coverage
Typical liquor liability coverage offers protections against several specific types of claims. These protections could include, but are not limited to:
- Liquor liability lawsuit defense costs
- Assault and battery coverage
- Mental injury coverage in cases of suits involving claims of stress, psychological problems and other types of mental issues
- Occurrence coverage for injuries
In order to protect your business from several common brewery liabilities, it’s important to have thorough liquor liability coverage in place. Review these potential benefits to help you decide whether your brewery could use this additional coverage.
When you buy insurance, you’re buying financial protection for a set term. As a result, it’s not usually possible to make a claim for damages after the term is over, even if the damages occurred during the policy’s lifetime. Renewing a policy often changes that, but if you switch providers or retire from business, you’re likely to need tail coverage for many types of insurance.
Post-Policy Protection for Malpractice Claims
Any time you’re closing a policy and there’s a chance a claim could arise after the policy is over based on an event that happened while it was in force, that’s a cause for tail coverage. Tail insurance is literally an extended reporting window on the terms of the old coverage, either provided by a tail coverage specialist or by the original insurance carrier. Tail coverage and malpractice claims are most important for doctors and lawyers, but any professional carrying professional liability coverage should consider it.
If you’re changing practices or partners at your existing practice, you’re also likely to need tail coverage. Often, an entire practice is covered under one policy, and if the makeup of that practice changes, the policy needs to change. That means you’ll need tail coverage, whether you get it as part of your new policy or as a separate instrument.
Investing in multifamily properties can be a great way to see a decent profit on your future. Planned units are a popular option these days and finding the perfect luxury community to invest in can help you reach new levels with your endeavors as an entrepreneur. Of course, this journey is not without many obstacles. With this type of arrangement, the units are owned by both the renters and the individual who owns the community. The property managers, however, are responsible for taking out a comprehensive insurance package that covers the residents and their needs.
Who Insures What?
An interesting point to understand about planned unit development coverages is that some costs are covered by the residents themselves. Typically, these packages will take care of individual insurance needs and coverage for the unit. As the property manager, you’ll need to focus more on the paperwork and other administrative errors that can occur. E&O insurance helps to protect you when important info is omitted from an official document. This type of protection will also protect the business owner from any allegations of negligence. Additional points to keep in mind when exploring your insurance options include:
Protect Your Investments
While purchasing real estate can be an amazing way to take advantage of exciting financial opportunities for your future, you need to make sure you are taking the time to go about the process in the right way. Look over your options and discover comprehensive protection.